09.09.201405:39 Forex Analysis & Reviews: Intraday trading recommendations on EUR/JPY for September 09, 2014

Long-term review

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The pair gets support from August 08 at a low of 135.72 twice and pushed towards 20Dsma. But the pair was restricted at 20Dsma. In today's session the pair is unable to breach the previous days high. The pair opened with a mildly bearish note. The pair has strong resistance at the 137.10, 137.35, and 137.55 levels. Once 137.10 is taken off, it can fly up to 137.55. On a positional basis, until the price closes above 137.10 (20Dsma), the trading pattern will be framed between the 135.70-137 levels. A break below 135.70 leads to a downfall to 134 on a positional basis. On a short-term basis, until the pair closes above the broken support triangle, bears will have an upper hand to make 134 initially after the 131 level.

Intraday cmp 136.70

The price is closed and trading above 12ema and 21hrsma. The pair is facing strong resistance at 34hrsma. It made a double top in the hourly chart. The RSI in the h4 chart is indicating a buy signal. We recommend buying at cmp and add on dip with sl 136.50 for an upside target at 136.97 and 137.30. Above 137, we can see a sharp upmove towards 137.33. On the downside, it has the support level between 136.58-136.55.

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